CFTC Staff Letter 13-50: No-Action Relief for SDs and MSPs Regarding Regulation 23.502 Compliance Prior to September 15, 2013

U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5977
Facsimile: (202) 418-5407 gbarnett@cftc.gov
Division of Swap Dealer and
Intermediary Oversight
Gary Barnett
Director
CFTC Letter No. 13-50
No-Action
August 23, 2013
Division of Swap Dealer and Intermediary Oversight Re: Time-Limited No-Action Relief Regarding Commission Regulation 23.502 for Swap Dealers and Major Swap Participants in Connection with Uncleared Swaps Subject to Risk Mitigation Techniques under EMIR Ladies and Gentlemen:
This letter is in response to a request from the International Swaps and Derivatives Association (“ISDA”), on behalf of its members that are swap dealers (“SDs”) or major swap participants (“MSPs”), and other similarly situated persons, received by the Division of Swap Dealer and Intermediary Oversight (“Division”) of the Commodity Futures Trading Commission (“Commission”), that the Commission extend the compliance date for Regulation 23.502 for certain transactions entered into by registered SDs and MSPs who intend to rely on Article 11 of the European Market Infrastructure Regulation (“EMIR”), including the related regulatory technical standards. The Division has determined to provide no-action relief, as detailed herein. The relief provided in this no-action letter is available to all SDs and MSPs. Applicable Regulatory Requirements
Section 731 of the Dodd-Frank Act 1
amended the Commodity Exchange Act (“CEA”) by adding a new Section 4s, which established requirements relating to the registration and regulation of SDs and MSPs. 2